According to a recent analysis by George from CryptosRUs, Bitcoin (BTC) could reach milestones of $78,000, $83,000, and even $91,000 amid hitting a new high ahead of the incoming ETF inflows. 

George highlights last week’s markets when Bitcoin (BTC) traded at approximately $65,000 but surged by over $6,000. He points this toward institutional involvement, which, according to him, has led to a supply shock. As of March. 13, only $1.8 million Bitcoins (BTC) were available on the top 10 exchanges as per 10xResearch stats. 

Beyond BTC, George cites other cryptocurrencies like Solana (SOL), among other altcoins, which have experienced breakouts as SOL pumped by 10% earlier today as it held a spot price of $168. as of 5:20 p.m. UTC. George cites that the impact of inflation and the search for alternative investments have driven more people towards cryptocurrencies, viewing them as a hedge against monetary devaluation.

What’s Happening With BTC the Inflows?

According to Erick Balchunas, an analyst at Bloomberg, the Chinese government purchased $45 billion worth of ETFs in the past 2 months and now owns approximately 1/5 of all equity ETFs. Bulchunas predicts that purchases could reach $100 billion this year.  

The Chinese government has gone Full BoJ, purchased $45b of ETFs in past 2mo to pump up market, already owns like 1/5 of all equity ETFs. They moved to buying small caps bc it moves stocks more. Purchases could reach $100b this year. Great note out today from @RebeccaSin_SK… pic.twitter.com/VrgxchlpuJ

— Eric Balchunas (@EricBalchunas) March 14, 2024

Additionally, Farside Investors’ report highlights significant interest in BTC among Wall Street investors, as evidenced by the $684.7 million influx into the U.S. Spot Bitcoin ETF in March. 13. The race between Bitcoin exchange-traded funds (ETFs) is led by BlackRock’s IBIT and Fidelity’s FBTC, which collectively attracted around $870 million, with notable single-day inflows of $586.5 million and $281.5 million, respectively. 

Conversely, the VanEck Bitcoin ETF (HODL) experienced a reduction in daily inflow from $82.9 million to $16.5 million. However, it saw over $200 million in the first two days of the week following its decision to eliminate costs for the first $1.5 billion in assets until March 2025. However, despite the continuous inflows into ETFs, Bitcoin continues to struggle as it now drops below $71,000. BTC was trading at $70,874 as of 5:32 p.m. EST, as per CoinMarketCap data. 

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.